BTC Bullish or Bearish (Joy)
I tried to take a punch at this.
There many ways to find that answer.
This is one crude way.
Whenever the background colour is light lime, it means it thinks the Bitcoin is macro bullish
Whenever the background colour is red lime, it means it thinks the Bitcoin is macro bearish
How would I use this information?
I can possibly use it in position sizing and hedging. If I see a sell in a lime background, I can potentially just hedge & vice versa.
- Do note that it works best in the higher timeframes.
- Do note that it is not supposed to be used to open any new trade or to close any trade.
I use it alongside other indicators for confirmation bias.
This can possibly be used for other instruments. As I only use it for trading BTCUSD, I have crudely tested for BTCUSD
For info on gaining access see the ⬇ link below ⬇ in our signature field & direct message me. I have a busy schedule at my own workplace. Trading is my hobby. Hence, please be kind to me if I am late in replying.
- Updated a silly typo in my code
- Updated the logic to be a bit more stable.
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact Joy_Bangla directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.
Author's instructions
Disclaimer
Invite-only script
Only users approved by the author can access this script. You'll need to request and get permission to use it. This is typically granted after payment. For more details, follow the author's instructions below or contact Joy_Bangla directly.
TradingView does NOT recommend paying for or using a script unless you fully trust its author and understand how it works. You may also find free, open-source alternatives in our community scripts.